Rosemary Papp

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There's a new down payment rule now in effect, valid as of February 15, 2016, that increases the amount of the down payment necessary to buy a home selling for more than $500,000.

The minimum down payment on a home was previously a straight five percent of the purchase price, however as of December 2015 homebuyers must now apply a minimum of ten percent down on the portion of their purchase that's over $500,000.

The increase in down payment was most likely designed to cool down the hottest real estate markets in Canada that have average prices topping $500,000. For example, here's the difference in down payment for a $700,000 property:

5% down payment on first $500,000: $25,000

10% down payment on remaining $200,000: $20,000

Total minimum down payment on a $700,000 home: $45,000

The buyer in this example therefore needs to come up with an extra $10,000 for the down payment compared to the system before the change.

While first-time buyers will feel the pinch most, existing homeowners will typically already have that amount covered through their home equity. Questions about the new rule, or about your home financing in general? Simply pick up the phone and call – there's no obligation at all!

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I have listed a new property at 103 9080 198 ST in Langley.
Maxi home, mini price! This Seymour plan features tiled entry foyer, family room off kitchen with access to patio, spacious living/diningroom, gas fireplace, open kitchen with pantry cupboard and large bedrooms. Mbdrm features Jack & Jill closets to ensuite with soaker tub, guest size 2nd BR also ideal as den or hobby use. Features include fenced yard, double carport with storage, 2015 roof; cosmetic upgrades needed to bring this home to it's full potential. Amenities include clubhouse with full kitchen, social activities, workshop, doggy park, RV and visitor parking. This gated community is for those 55+, 1 small pet ok, direct access to Walnut Grove shops and transit. Call soon or this good buy will soon be good bye!
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From, Bjorn Rygg, Pillar to Post

As much as homeowners enjoy the shelter and comfort of their home, mice, rats, and other rodents do, too. Not only do rodents make a mess, they can carry and spread diseases, contaminate food, and cause property damage.

The first step in keeping rodents out of the home is prevention. Rodents commonly enter homes, garages, sheds and other structures through small cracks and openings. Even a dime-sized hole is large enough for a mouse to get through. Common entry areas include behind stoves and refrigerators, around where water pipes enter the home, attics and crawlspaces, basements, and laundry drains. Outside the home, look for openings around windows and doors, gutters, and places where wiring, plumbing, and gas lines enter the home. Small holes can be stuffed with steel wool, which rodents cannot chew through, and caulked into place. Larger holes may require patching with metal, hardware cloth, or lath screen.

Removing food sources is another key to prevention. Pantry foods should be stored in metal or heavy plastic containers with tight fitting covers. Food-soiled cookware and dishes should be washed and kitchen surfaces cleaned soon after use, and pet food should not be left out overnight. If food waste is kept inside, it should be stored in a metal container until it can be disposed of outside in a rodent-proof trash can. If homeowners enjoy feeding wild birds, feeders should be located away from the house as spilled bird food is a real treat for rodents. There are bird seed mixes available that have been treated with hot pepper - unappealing to rodents and other mammals but birds are unaffected by it.

If rodents are present, it is extremely important that they be removed properly prior to sealing holes and gaps. Snap traps are the most effective method of catching rodents; follow the manufacturer's instruction for best results. It can take several days for rats to respond to a baited trap. According to The Centers for Disease Control and Prevention, snap traps are preferable to live or "humane" trapping, which can cause stressed rodents to urinate and increase possible exposure to disease. Once a rodent is trapped and killed, it should be wrapped in newspaper and disposed of in the trash. Any rodent - dead or alive - should not be handled with bare hands; use disposable rubber or vinyl gloves. Rodents are carriers of Hantavirus and other viruses and bacteria that can cause serious, even deadly, diseases in humans. A person can become exposed to Hantavirus while sweeping or cleaning up rodent droppings as particles become airborne and are inhaled. In addition, fleas, mites, or ticks may be present on the rodent, providing an additional carrier for the spread of disease.

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I have listed a new property at 9 6635 192 ST in Surrey.
House of AWWWS! Immaculate 4 BR 4 bath end unit offers private, south exposed fenced yard in small complex! Features of this beautiful home include 9 ft ceilings, crown mouldings, bright open kitchen with granite surfaces, SS appliances, maple shaker cabinets, large island, undercabinet lighting, meal nook and family room with access to spacious deck, hardwood & tile flooring. Living/diningroom with gas f/place overlooks mature green space to south. Mbdrm features walk in closet, double vanity, privacy ensuite. The 4th BR or recroom down includes full bath and access to double garage, loads of under stair storage. Area amenities include parks, specialty & major shops and transit. Call soon or this good buy will soon be good bye!
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I have listed a new property at 20 9080 198 ST in Langley.
Don't let the cover of this home deter you, the exciting story is inside! Just the room you need, this 2 BR plus den offers a great floor plan and is move in ready, just bring your stuff! Extensively remodelled, updates include grey toned laminate and lino, new bathroom, granite & quartz counters, new white kitchen, SS appliances, french style doors with inset blinds, new entrance deck & stairs....new, new, new! Other features include separate laundry, covered storage, large yard and garden space. This delightful home is located in a park like 55+ gated community, amenities include walking trails, doggy park, clubhouse, RV and visitor parking. Close to shops & transit, call soon or this good buy will soon be good bye!
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Source: Fraser Valley Real Estate Board

SURREY, BC – For the second time in as many months, Fraser Valley real estate saw record-setting monthly sales.

In February, the Fraser Valley Real Estate Board processed 2,387 sales on its Multiple Listing Service® (MLS®), an increase of 79 per cent compared to February 2015 and 78 per cent more then was processed in January. To give a historical perspective, sales in February were 46 per cent over the 10-year average for that month; and, 4 per cent higher than the previous record of 1,948 sales in February 1992.

Charles Wiebe, President of the Board said of this month’s record numbers, “In my twenty-five years of real estate, I have never seen such consistent demand for housing in the Fraser Valley.”

“While it’s certainly encouraging to see such confidence in our region, the intense demand has created a more complex market for buyers. For certain property types, prices have increased and selection is scarce. If you find yourself struggling in your search, consult a professional. We know the market and we’re here to help you.”

The Board received 3,283 new listings in February, an increase of 26 per cent compared to February of last year, and another record high for February. The total active inventory for February was 5,127, down 35 per cent from last year’s 7,864 active listings.

Wiebe explained, “Inventory is moving fast, so it’s critical that buyers know what they most want in a home and neighborhood, and be open to considering new areas. The Valley features a wide range of diverse housing options, with many areas still very affordable, so talk to your REALTOR® who will help carve a path to suit your needs.”

Across Fraser Valley, the average number of days to sell a single family detached home in February 2016 was 21 days, compared to 41 days in February 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $714,000, an increase of 23 per cent compared to February 2015 when it was $581,400.

In February, the benchmark price of townhouses was $337,300, an increase of 13.5 per cent compared to $297,200 in February 2015. The benchmark price of apartments also increased year-over-year by 11.2 per cent, going from $189,700 in February 2015 to $211,000 in February 2016.

 

Find the February Statistics Package here.

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I have sold a property at 157 9080 198 ST in Langley.
Maxi home, mini price! This 2 BR 2 bath MacKenzie plan features spacious cross hall living and diningroom, bright, open kitchen with meal nook, cozy familyroom. Mbdrm overlooks trails, features Jack & Jill closets, large ensuite with soaker tub, 2nd BR is ideal for guest use or den. Updates include roof, A/C, large covered deck perfect for year round use, fenced yard, separate storage. Park amenities include clubhouse with hobby & exercise areas, workshop & doggy park. This gated community is for those 55+ and 1 small pet, location is in the heart of all that Walnut Grove has to offer with shops, restaurants, freeway access close by. Call soon or this good buy will soon be good bye!
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Direct: 778-834-8021
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Rosemary's Email: rosemary@homesinlangley.ca
RE/MAX Treeland Realty
#101 - 6337 198 Street
Langley BC V2Y 2E3
www.HomesinLangley.ca